Texas HB1596 mandates annual cost-of-living adjustments for certain retirement benefits from the Teacher Retirement System of Texas.

Texas HB1596 amends the Teacher Retirement System of Texas to require annual cost-of-living adjustments for service retirement, disability retirement, and death benefits. The board of trustees must set the adjustment rate each year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. The board may only increase benefits if the system is actuarially sound and has sufficient funds. If funds are insufficient, the board must compute the largest possible adjustment while maintaining actuarial soundness.

Texas HB1596 mandates annual cost-of-living adjustments for certain retirement benefits from the Teacher Retirement System of Texas.

Texas HB1596 amends the Teacher Retirement System of Texas to require annual cost-of-living adjustments for service retirement, disability retirement, and death benefits. The board of trustees must set the adjustment rate each year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. The board may only increase benefits if the system is actuarially sound and has sufficient funds. If funds are insufficient, the board must compute the largest possible adjustment while maintaining actuarial soundness.